We have proudly provided passengers and communities across North America with reliable and affordable transportation services for decades, including certain of our routes that date back more than a century. Following the COVID-19 pandemic, the company faced significant challenges, as ridership and demand in our industry have remained well below pre-pandemic levels.
We conducted a thorough evaluation of strategic options with the support of our financial stakeholders and determined that undertaking court-supervised sale processes would provide time and flexibility for the company to maximize the value of our assets and is the best path forward for our people, communities and customers.
Taken together, once completed, these proposed transactions will preserve thousands of jobs and ensure uninterrupted passenger transportation services to millions of passengers throughout the United States and Canada, many of whom rely on our transportation network.
In June 2024, Coach USA commenced voluntary Chapter 11 proceedings to facilitate these sale processes. The company expects to close the AVALON Transportation and Wynne Transportation transactions on or around August 19, 2024, and The Renco Group transaction in the coming months. We are working with each respective buyer to ensure smooth transitions of services.
Coach USA is operating as normal during the court-supervised sale processes.
